Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare can be very cost effective. Original Medicare is made up of Part A and Part B. Part A is your hospital insurance which is premium-free for most individuals. Part B requires a monthly premium ($104.90 per month in 2014 - can be higher for persons with incomes in higher brackets).
Original Medicare will pay for about 80% of your healthcare expenses after your deductibles ($1,216 for Part A in 2014 - $147 for Part B in 2014).
If you want coverage to pay for a portion or all of the other 20%, you can also purchase a Medigap plan (also known as Medicare supplement plan). The main benefit of a Medigap plan is that it helps you create a much more predictable healthcare expense structure. If you'd like prescription coverage too, you can look at adding a Part D plan.
Please feel free to contact me for further assistance. Thanks very much.
That is a great question! I'll answer it in two parts. It is very effective for you, especially if you have combined it with a Medigap plan. The Part D can make a world of difference in affordability of your prescriptions. That said, the other part of the answer? There are several parts of the program that are slated for cuts under the Affordable Care Act (Obamacare) that will not affect anyone's coverage or benefits, but are designed to pare some administrative excesses. These cuts are to be reinvested into the system, and if done to plan, should extend the Medicare trust fund through 2029. There was a lot of pork and fraud in the system, because it was not policed very much, or very well. Thank you for asking!
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Original Medicare will pay for about 80% of your healthcare expenses after your deductibles ($1,216 for Part A in 2014 - $147 for Part B in 2014).
If you want coverage to pay for a portion or all of the other 20%, you can also purchase a Medigap plan (also known as Medicare supplement plan). The main benefit of a Medigap plan is that it helps you create a much more predictable healthcare expense structure. If you'd like prescription coverage too, you can look at adding a Part D plan.
Please feel free to contact me for further assistance. Thanks very much.